The following steps describe the typical period end accounting procedures for Pilot ERP.
A. Post all Transactions – ensure that all inventory adjustments, shipments, invoices, work order transactions, PO Inventory Receipts, AP Invoices, Checks, Customer Payments/Deposits and JV Entries in the month are posted.
B. Reconciling Reports
These reports should be printed and the GL account associated with each should be reconciled. The typical account used to offset any difference is Cost of Goods Sold.
Date Sensitive reports - There are two reconciling reports that cannot be back dated which need to be run at the end of the last business day of each period. If you typically enter transactions for the prior period on the first day of the next period (backdating the transactions) and prevent entry to the next period until that’s completed then you would print these reports as soon as those transactions are completed.
Work In Process (WIP) – This report shows the current value of your work in process on open work orders. It is located under the manufacturing reports section. When running this report at period or year end, do not enter any filter selections for Item, Date, WO or WO Type to get the total WIP value.
Received Not Invoiced – This report shows the current value of items that have been received on open purchase orders but have not yet been invoiced through PO Invoices. It is located under the Purchasing reports section. When running this report at period or year end, do not enter any selections for Vendor, Item or PO Type to get the total PO Received Not Invoiced value.
C. Close/Open GL Periods
You can control which GL Periods are open for posting through the System Setup > Your Company > GL tab. At the start of the new period, these settings can be used to control posting in the prior and new period.
Warn if before… or after
Pilot ERP will allow transactions to any period in the current fiscal year or beyond. To prevent accidentally entering data to the wrong period, you can specify a range of periods so that the system can warn you if you enter a period outside this range. This will provide a warning if posting outside the entered periods but will let the transaction be posted.
Example: Warn If Before: 02 2017 Warn if After: 03 2017
Error if before… or after
Pilot ERP will allow transactions to any period in the current fiscal year or beyond. To prevent accidentally entering data to the wrong period, you can restrict the range of periods allowed by the system. If you use this optional feature, you will typically change the range at the start of each period.
Example: Warn if Before: 01 2017 Warn if After: 03 2017